The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1887-10-11

I
An Act To AUTHORIZE a NATIONAL LOAN AND
TO DEFINE THE USES TO wHIC THE MONEY
BORROWED SHALL BE APPLIED.
BE 1t enacted by the King and the Legisla-
tive Assembly of the Hawaiian Islands in
the Legislature of the Kingdom assembled
Section l. The Minister of Finance with
the approval of the King in Cabinet Council
IS hereby authorized to Issue coupon bonds
of the Hawaiian Government of denomina-
ton not less than one hundred dollars and
III the aggregate not exceeding two millions
OF dollars III the manner and for the pur-
poses in this Act stated
Section 2. Said bonds shall be exempt
from any taxes whatsoever and shall bear
interest payable semi-annuallY at the rate of
not more than SIX per centum per annum
and shall be redeemable not less than five
nor more than twenty years after the date of
their issue, the principal and interest to be
paid IN gold coin of the United States or Its
equivalent.
Section 2. That Section of said Act be
and the same IS hereby amended so as to
read as follows:
''Section 3. Said bonds shall be signed by
the Minister of Finance and by the Registrar
of Public Accounts aud be sealed BY the seal
of the Department of the Minister of Finance
and shall not be issued at less than at the
rate OF ninety eight per centum of their
nominal par value in gold coin of the United
States of the present standard or its equiva-
lent except that the Minister of Finance with
the approval of the King in Cabinet Council
may allow to any person or syndicate which
may negotiate the sale of said bonds COM
mission not exceeding five per cent. of the
first issued portion of the Loan to wit for
Sl,OOO,OOO 90 and such percentage as may be
found necessary upon further issues but not
to exceed five per cent. upon such further
issues.
Section 3. That Section -Four of said Act
be and the same is hereby amended So as to
read as follows:
Section 4. The sums borrowed under this
Act shall be placed in the Treasury to the
credit of the Load Fund, and shall be paid
out of the following purposes and no other.
!. To recall and cancel all Bonds
at present outstanding is
sued under any Act of the
Legislature prior to the date
of this Loan: Special Loan
and the interest accrued on
Special Loan and outstand-
ing bonds. nds..................... 8, ,235, 600 90
3 Encouragement OF migration. 10000 90
). lnter-Island Cable and Electric
Light, Honolulu. 100000 10
4. Honolulu Water Works. ......... $1,000 90
;. Improvement Of the Harbor of
Honolulu and New Wharves. 100000 90
.. improvement of the Streets of
Honolulu and Roadways of
the Kingdom. m............. $4,000 90
.. New Bridges and Landings. rs 900 %
s. Purchase of Steam Tug EIeu... 10000 co
y. Expense of Floating Loan, &c. 100000 10
S2,OOO,OOO 90
Section 5. The Minister of Finance is
hereby authorized to pay out CT the moneys
so borrowed under this Act such commission
as may be allowed as commission under Sec
tion hereof, and such expenses as may be
incurred for preparing said bonds and
coupons.
Section g. The Minister of Finance shall
make such proper arrangements as will en-
interest due on the same either in Honolulu
or in the city of San Francisco or IN such
financial centre as he may deem advisable.
Section 7. This Act shall be in force from
and after its approval
Approved this 18th day of October, A. D.
1886.
(Signed) KALAKAUA REX.